​The chairman of one of Dubai’s biggest developers has said that the dip in the city’s property prices has been positive.​The Financial Times reported that Ali Rashid Lootah said the downturn was a “good correction – we don’t want Dubai to be too expensive” during an industry conference in Cannes.

Lootah called the financial crisis “a good lesson learnt,” adding that the property market in Dubai was “very stable – demand is less but it has stabilised”.